MIT's PArSEC platform redefines digital currencies with lightning-fast transactions, potential cross-border contracting, and transformative supply chain innovations
The Massachusetts Institute of Technology's Digital Currency Initiative (DCI) has unveiled a platform called PArSEC, designed to usher in a new era of central bank digital currencies (CBDCs). PArSEC, short for "parallelized architecture for scalably executing smart contracts," promises to revolutionise the world of digital currencies with its impressive speed, scalability, and programmability.
PArSEC can execute smart contracts at an unprecedented speed. The platform achieved an astonishing 118,000 ERC-20 transactions per second during testing across 128 hosts. This remarkable speed far surpasses the capabilities of existing public permissionless blockchains, setting a new benchmark for efficiency in digital currencies.